Friday 19 October 2018

BP starts up Gulf oil field ahead of schedule and under budget

BP starts up Gulf oil field ahead of schedule and under budget

Energy giant BP has announced it has started up an oil field expansion project in the Gulf of Mexico four years ahead of schedule and 15% under budget.

The Thunder Horse Northwest Expansion project is expected to boost production by an estimated 30,000 barrels of oil equivalent per day boe/d at its peak.

It takes the output at one of the largest oil fields in the Gulf of Mexico to more than 200,000 boe/d.

This is the fourth major upstream project to begin production for BP globally so far this year, following seven that started up in 2017 and six in 2016.

It expects new projects beginning production between 2016 and 2021 to provide 900,000 boe/d of new production by 2021.

Bernard Looney, Upstream Chief Executive at BP said: “Our business in the Gulf of Mexico demonstrates our upstream strategy in action. Leveraging our world-class position and facilities, we are bringing new barrels online rapidly and efficiently and uncovering more opportunities nearby.

“We are focused on growing value and these projects in the Gulf are competitive with any opportunities we have worldwide. This is what we mean by growing advantaged oil.”

Written by

Bruna Pinhoni

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